Ok guys/girls

Have just said YES, to Hifx to exchange all our money into Canadain Dollars , it is really an odd feeling having some one else have all our money.

Ok the Question is, with Hifx having all our money and no Canadain bank account yet, what do we show as proof of funds? would the email or paper work given by them be ok? to prove our funds?

Ok I know a daft question to those that have done it, but to me dotting all the I`s and crossing all the T`s, makes me sleep a bit better at night..

Thanks in advance Sutherlands

Well thats basically what we did (and we get credit cards and car lease using that as proof as well)

Your email or letter from HIFX stating the amount you have exchanged in both GBP and $CDN should be sufficient. Also, if you have just sold your house your bill from the solicitor will show your selling price, less any mortgage paid to your lender, less solicitor/estate agent fees fees, and finally the balance paid to you at the bottom, would back it up.

We came into NS last week and was not asked to show any proof of funds, goods-to-follow list, or the paperwork for the cat I was weighed down with all the 'necessary' papers in my flight bag. Still, wouldn't have dared come without them all.

Thanks, I can rest easy now

We have never had any paperwork from our solicitor in the UK. Because of this lack of paperwork our Canadian bank account, opened before we moved over, was frozen ....Canadians assume that house sales are done the same way as over here (with a written offer etc), and couldn't understand why we had nothing to show where the dosh had come from. Took two weeks of phone calls and faxes to get it straightened out.

Fortunately we had some ready cash with us. When we came over here back in the 80's you didn't have to show proof of funds, but things have changed - and in our naivety, didn't realise it.....the woman at the TD bank didn't tell us. So try to get something from your solicitor before you come out here.

Things are different in Scotland. We do have written offers so we have all the paperwork.

Money laundering is big business so banks and officials are just checking out where all the funds ligitimally came from.

See this is one proof we don`t have, Sold our house 3 years ago and moved in to my parents home, we have had our money tied up in high intrest accounts and have now moved it into an internet account so that it was easy to move (also high intrest helped) So we only have letters, extra of us moving this money about... Hope fully they will just take the amount showen on our paper work from HIFX (we also have bank accounts showing where the money came from)

We sold our house in December, because the bank (Barclays) would not allow us to transfer more than £5000 at a time via a telephone request, we ended up sending a cheque to OH father and he then held it for us until we were ready to have it wired.

At no time has anyone asked for proof of where the money has come from....

It got pretty scarey at one point, as it took 7 days (including a weekend) for it to go from one account to the other....it seemed to be lost in hyper space......and OH father had no paperwork for the transaction


I know I have said this before, but I would strongly recommend anyone to check out the banks exchange rate in Canada.......We were checking it on a daily basis and they were offering us pretty much the same rate that you see on the BBC web page!!!!
HIFX who we have dealt with before and were very pleased with......told us to grab the banks rate with both hand, as they couldn't get any near those figures......

Linda

The UK bank not letting you transfer more than a set amount is a good point. I only found that out about that on this forum so we made an appointment with the UK bank about cancelling all our direct debits/standing orders etc (we are keeping our bank account open).

We told them we were moving abroad and set up 5 passwords at our local branch and was given a direct dial phone number (you don't want to go through telephone banking for this). We also had to sign some paperwork and were given and transfer form to fill in with the details of the account the money was going to (in our case HIFX, who incidently don't give you the details til you want to transfer). Roughly as follows:

Jan 8th - We moved to NS. House sold and funds tranferred to bank.
Jan 9th - phoned bank to confirm we were moving money. Told it had to stay in account a few days to clear.
Phoned HIFX to get details. Faxed copy of HIFX details to UK bank, and informed them of the amount we were transferring.
Jan 12th - Phoned bank to transfer money. Used password system.
Jan 14th - HIFX confirm money transfer.
Jan 16th - Inform HIFX to transfer money to our new Canadian Bank Account with RBC. Fill in transfer document and emailed back.
Jan 19th - Confirmation from RBC that money was received yesterday.

We hand-carried in $11,000 CDN to tide us over. Declare anything over $10,000 CDN to customs on arrival.

Jan 19th - Confirmation from RBC that money was received yesterday.

Did you get a quote from RBC ?

Linda

Yes, today (19th) the lady we are dealing with at RBC phoned today to say the money had transferred yesterday.

Never got a quote from RBC as we only opened the bank account once we had moved. Now that I have transferred my money I am not even going to look at HIFX for todays rate either - no point. Still have money to transfer in the next couple of months so will check exchange rates at the time.

I was silly enough to look after we changed.......not a good idea

I have to say we are pretty impressed with RBC (so far) the people in our branch are lovely...we even get coffee when we go in....like that ever happened in barclays!

Linda